The IoT market size is projected to reach US$ 3967.99 billion by 2030 from US$ 611.0 billion in 2023. The market is expected to register a CAGR of 30.6% during 2023–2030. The fusion of Artificial Intelligence (AI) with IoT is likely to remain a key trend in the market.
The IoT market includes growth prospects owing to the current market trends and their foreseeable impact during the forecast period. The IoT market is growing owing to factors such as the increasing adoption of IoT devices, increasing resilience in smart manufacturing, and rapid digitization across various industries. The development of smart cities and the progressive deployment of 5G networks are some of the factors anticipated to provide lucrative opportunities for the IoT market growth.
The Internet of Things, or IoT, is a network of interrelated devices that connect and exchange data with each other and the cloud. IoT devices are typically embedded with technology such as sensors and software. Organizations across various industries are using IoT to operate more efficiently, deliver enhanced customer service, improve decision-making and increase the value of the business.
The Internet of Things (IoT) describes An extensively broad network of interconnected devices along with technologies that enable communications between these devices and the cloud. Recently, there has been a huge surge in the adoption of IoT technologies due to advancements in mobile and wireless connectivity technologies, and a gradual drop in the cost of sensors and other components. Several industries are using IoT to improve efficiency and reduce the costs of their operations. According to Finance Online, there were approximately 14.76 billion connected IoT devices as of November 2023, and this figure is expected to rise to ~25.44 billion by 2030. As per a forecast by IoT Analytics, 75% of the total devices in use would be IoT by 2030. Furthermore, FinleyUSA estimated the global IoT spending at US$ 1.1 trillion in 2023. Such increasing adoption of IoT devices drives market growth.
The reliance on technology for a more comfortable living is increasing with the evolving lifestyles of consumers and communities worldwide. Smart cities have gained huge traction in the last few decades. According to TWI Ltd., 54% of the world’s population lives in cities, and the number is expected to rise to 66% by 2050. According to the Indian Ministry of Housing and Urban Affairs (MoHUA), 100 smart cities had issued work orders for 7,978 projects as of July 2023, of which 5,909 projects were completed. As per the SmartAmerica Challenge, city governments in the US announced plans to invest ~US$ 41 trillion over the next 20 years to upgrade their infrastructure and benefit from the network of connected devices. In December 2023, a Chinese property development consortium announced an investment of approximately US$ 1.85 trillion in a new smart city in Brazil. IoT devices are being increasingly used in smart cities, thereby providing growth opportunities for the market.
Key segments that contributed to the derivation of the IoT market analysis are component, enterprise size, and application.
The geographic scope of the IoT market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The IoT market in Asia Pacific is experiencing rapid growth, propelled by various factors such as huge digitization of various industries, high growth of the smart manufacturing sector and favorable government support.
The regional trends and factors influencing the IoT Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses IoT Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 611.00 Billion |
Market Size by 2031 | US$ 3967.99 Billion |
Global CAGR (2022 - 2030) | 30.6% |
Historical Data | 2020-2021 |
Forecast period | 2023-2030 |
Segments Covered |
By Component
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
The IoT Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the IoT Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The IoT market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the IoT market are listed below:
The “IoT Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
Asia Pacific is expected to dominate the IoT market with the highest market share in 2022.
The IoT market size is projected to reach US$ 3967.99 billion by 2030.
The leading players operating in the IoT market are Microsoft Corporation, Hewlett Packard Enterprise Development LP, SAS Institute Inc., VMware, Inc.; Google, LLC; Oracle Corporation; Cisco Systems, Inc.; SAP SE; IBM Corporation; and Qualcomm Technologies, Inc.
The global IoT market is expected to grow at a CAGR of 30.6% during the forecast period 2023 - 2030.
Increasing adoption of IoT devices, increasing resilience in smart manufacturing, and rapid digitization across various industries are the major factors driving the IoT market.
The fusion of artificial intelligence (AI) with IoT is anticipated to play a significant role in the global IoT market in the coming years.